/raid1/www/Hosts/bankrupt/TCR_Public/060902.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
Saturday, September 2, 2006, Vol. 10, No. 209
Headlines
ADELPHIA COMMS: Files July 2006 Monthly Operating Report
CALPINE CORP: Posts $336 Million Net Loss in June 2006
KAISER ALUMINUM: Files June 2006 Monthly Operating Report
MERIDIAN AUTOMOTIVE: Posts $10.5 Million Net Loss in June 2006
OWENS CORNING: Files May 2006 Monthly Operating Report
PLIANT CORP: Files June 2006 Monthly Operating Report
WERNER LADDER: Files July 2006 Monthly Operating Report
WERNER LADDER: Delaware Posts $11.4 Million Net Loss in July 2006
WERNER LADDER: Penn. Files July 2006 Monthly Operating Report
WERNER LADDER: WIP Tech. Files July 2006 Monthly Operating Report
*********
ADELPHIA COMMS: Files July 2006 Monthly Operating Report
--------------------------------------------------------
Adelphia Communications Corporation, et al.
Unaudited Consolidated Balance Sheet
As of July 31, 2006
(Dollars in thousands)
ASSETS
Cash and cash equivalents $10,182,299
Restricted cash 91,045
TWC Class A Common Stock 4,750,147
Proceeds from Sale Transaction held in escrow 698,302
Receivable for securities 5,228
Property and equipment, net 7,016
Other assets 244,733
-----------
Total Assets $15,978,770
===========
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable $52,406
Payable to non-filing entities 1,443
Payable to creditors of the JV Debtors 588,864
Income and other taxes payable 614,169
Other accrued liabilities 532,247
Liabilities subject to compromise 16,592,466
-----------
Total liabilities $18,381,595
Stockholders' equity:
Series preferred stock 397
Class A and Class B common stock 2,548
Additional paid-in capital 9,516,510
Accumulated other comprehensive income 60
Accumulated deficit (11,894,403)
Treasury stock, at cost (27,937)
-----------
Total stockholders' equity (2,402,825)
-----------
Total liabilities and stockholders' equity $15,978,770
===========
Adelphia Communications Corporation, et al.
Unaudited Consolidated Statement of Operations
Month Ended July 31, 2006
(Dollars in thousands)
Revenue $395,667
Cost and expenses:
Direct operating and programming 242,129
Selling, general and administrative 23,936
Investigation, re-audit and sale transaction co 2,294
Depreciation and amortization 73,021
Impairment of long-lived assets 11,394
Provision for uncollectible amounts from Rigase -
Gains on dispositions of long-lived assets (339)
-----------
Operating income (loss) $43,232
Other income (expense):
Interest expense (60,681)
Other income (expense) - net -
-----------
Total other expense - net (60,681)
-----------
Loss from continuing operations before
reorganization expenses (17,449)
Reorganization expenses due to bankruptcy (9,536)
-----------
Loss from continuing operations before income taxes (26,985)
Income tax expense (12,000)
Share of losses of equity affiliates - net (1,083)
Minority's interest in subsidiary losses - net 1,664
Preliminary gain on Sale Transaction, net 5,906,884
-----------
Net loss $5,868,480
===========
Adelphia Communications Corporation, et al.
Unaudited Consolidated Statement of Cash Flows
Month Ended July 31, 2006
(Dollars in thousands)
Cash flows from operating activities:
Net loss $5,868,480
Adjustments to reconcile net loss to net cash
provided by (used in) operating activities:
Depreciation and amortization 73,021
Impairment of long-lived assets 11,394
Provision for uncollectible amounts from Rig 839
Gains on disposition of long-lived assets (339)
Amortization of debt issuance costs 226
Impairment of cost & available for sale investments -
Provision for loss contingencies -
Reorganization expenses due to bankruptcy 9,536
Deferred tax expense (benefit) 12,000
Share in losses of equity affiliates - net 1,083
Minority interest in losses of subsidiaries (1,664)
Preliminary gain on Sale Transaction, net (5,906,884)
Other noncash gains -
Depreciation, amortization and other non-cash
items from discontinued operations -
Change in operating assets & liabilities (53,191)
-----------
Net cash provided by operating activities before
payment of reorganization expenses $14,501
Reorganization expenses paid during the period (10,861)
-----------
Net cash provided by (used in) operating activities 3,640
Cash flows from investing activities:
Expenditures for property, plant and equipment (29,567)
Changes in restricted cash (83,800)
Proceeds from Sale Transaction 11,761,818
Proceeds from sale of investments -
Other (1,148)
-----------
Net cash used in investing activities 11,647,303
Cash flows from financing activities:
Proceeds from debt 35,000
Repayments of debt (2,235,366)
Payment of debt issuance costs -
-----------
Net cash provided by financing activities (2,200,366)
Change in cash and cash equivalents cash 9,450,577
Cash, beginning of period 731,722
-----------
Cash, end of period $10,182,299
===========
About Adelphia Communications
Based in Coudersport, Pa., Adelphia Communications Corporation
(OTC: ADELQ) -- http://www.adelphia.com/-- is the fifth-largest
cable television company in the country. Adelphia serves
customers in 30 states and Puerto Rico, and offers analog and
digital video services, high-speed Internet access and other
advanced services over its broadband networks. The Company and
its more than 200 affiliates filed for Chapter 11 protection in
the Southern District of New York on June 25, 2002. Those cases
are jointly administered under case number 02-41729. Willkie Farr
& Gallagher represents the ACOM Debtors. PricewaterhouseCoopers
serves as the Debtors' financial advisor. Kasowitz, Benson,
Torres & Friedman, LLP, and Klee, Tuchin, Bogdanoff & Stern LLP
represent the Official Committee of Unsecured Creditors.
Adelphia Cablevision Associates of Radnor, L.P., and 20 of its
affiliates, collectively known as Rigas Manged Entities, are
entities that were previously held or controlled by members of the
Rigas family. In March 2006, the rights and titles to these
entities were transferred to certain subsidiaries of Adelphia
Cablevision, LLC. The RME Debtors filed for chapter 11 protection
on March 31, 2006 (Bankr. S.D.N.Y. Case Nos. 06-10622 through
06-10642). Their cases are jointly administered under Adelphia
Communications and its debtor-affiliates chapter 11 cases.
(Adelphia Bankruptcy News, Issue Nos. 147; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000)
CALPINE CORP: Posts $336 Million Net Loss in June 2006
------------------------------------------------------
Calpine Corporation
Condensed Consolidating Balance Sheet
As of June 30, 2006
ASSETS
Current assets:
Cash & cash equivalents $844,102,000
Accounts receivable, net 881,545,000
Margin deposits & other prepaid expense 307,129,000
Inventories 150,457,000
Restricted cash 473,471,000
Current derivative assets 277,443,000
Current assets held for sale 39,542,000
Other current assets 119,211,000
---------------
Total current assets 3,092,900,000
Restricted cash, net of current portion 194,539,000
Notes receivable, net of current portion 157,804,000
Project development costs 24,247,000
Investments 63,457,000
Deferred financing costs 169,661,000
Prepaid lease, net of current portion 199,911,000
Property, plant & equipment, net 14,293,342,000
Goodwill 45,160,000
Other intangible assets, net 52,297,000
Long-term derivative assets 517,627,000
Other assets 628,704,000
---------------
Total assets $19,439,649,000
===============
LIABILITIES & STOCKHOLDERS' DEFICIT
Current liabilities:
Accounts payable $488,624,000
Accrued payroll and related expense 39,765,000
Accrued interest payable 181,050,000
Income taxes payable 99,073,000
Notes payable & other borrowings 187,558,000
Preferred interests 9,124,000
Capital lease obligations 286,852,000
CCFC financing 783,394,000
CalGen financing 2,510,365,000
Construction/project financing 1,987,135,000
DIP Facility 3,500,000
Current derivative liabilities 396,583,000
Other current liabilities 313,313,000
---------------
Total current liabilities 7,286,336,000
Notes payable and other borrowings 467,777,000
Preferred interests 579,122,000
Capital lease obligations 366,000
Construction/project financing 419,998,000
DIP Facility 994,750,000
Deferred income taxes 348,996,000
Deferred revenue 135,045,000
Long-term derivative liabilities 678,960,000
Other liabilities 152,883,000
---------------
Total liabilities not subject to compromise 11,064,233,000
Liabilities subject to compromise 14,963,726,000
Minority interests 275,284,000
Stockholders' equity (deficit):
Common stock 569,000
Additional paid-in capital 3,268,331,000
Additional paid-in capital, loaned shares 258,100,000
Additional paid-in capital, returnable shares (258,100,000)
Accumulated deficit (10,020,362,000)
Accumulated other comprehensive loss (112,132,000)
---------------
Total stockholders' deficit (6,863,594,000)
---------------
Total liabilities & stockholders' deficit $19,439,649,000
===============
Calpine Corporation
Condensed Consolidating Statement of Operations
For period ending June 30, 2006
Revenue:
Electricity and steam revenue $460,539,000
Transmission sales revenue (215,000)
Sales of purchased power & gas
for hedging and optimization 84,771,000
Mark-to-market activities, net 26,792,000
Other revenue 2,535,000
---------------
Total revenue 574,422,000
Cost of revenue:
Plant operating expense 69,875,000
Royalty expense 2,038,000
Transmission purchase expense 6,732,000
Purchased power and gas
for hedging and optimization 52,813,000
Fuel expense 274,658,000
Depreciation & amortization expense 34,219,000
Operating plant impairments 2,851,000
Operating lease expense 7,109,000
Other cost of revenue 6,889,000
---------------
Total cost of revenue 457,184,000
---------------
Gross profit 117,238,000
Equipment, development project & other impairments 62,917,000
Project development expense 1,409,000
Research and development expense 877,000
Sales, general and administrative expense 18,546,000
---------------
Income (loss) from operations 33,489,000
Interest expense 96,130,000
Interest (income) (2,459,000)
Minority interest expense 473,000
(Income) loss from repurchase of debt issuances 24,000
Other (income) expense, net (2,942,000)
---------------
Loss before organization items, benefit for
income taxes and cumulative effect of a change
in accounting principle (57,737,000)
Reorganization items 316,814,000
---------------
Loss before benefit for income taxes and
cumulative effect of a change in accounting
principle (374,551,000)
Provision (benefit) for income taxes (38,210,000)
---------------
Net loss ($336,341,000)
===============
About Calpine Corp.
Headquartered in San Jose, California, Calpine Corporation --
http://www.calpine.com/-- supplies customers and communities with
electricity from clean, efficient, natural gas-fired and
geothermal power plants. Calpine owns, leases and operates
integrated systems of plants in 21 U.S. states and in three
Canadian provinces. Its customized products and services include
wholesale and retail electricity, gas turbine components and
services, energy management and a wide range of power plant
engineering, construction and maintenance and operational
services.
The Company filed for chapter 11 protection on Dec. 20, 2005
(Bankr. S.D.N.Y. Lead Case No. 05-60200). Richard M. Cieri, Esq.,
Matthew A. Cantor, Esq., Edward Sassower, Esq., and Robert G.
Burns, Esq., Kirkland & Ellis LLP represent the Debtors in their
restructuring efforts. Michael S. Stamer, Esq., at Akin Gump
Strauss Hauer & Feld LLP, represents the Official Committee of
Unsecured Creditors. As of Dec. 19, 2005, the Debtors listed
$26,628,755,663 in total assets and $22,535,577,121 in total
liabilities. (Calpine Bankruptcy News, Issue No. 25; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000)
KAISER ALUMINUM: Files June 2006 Monthly Operating Report
---------------------------------------------------------
Kaiser Aluminum Corporation filed with the Court an illegible
copy of its balance sheet as of June 30, 2006. Kaiser reported
approximately $1.57 billion in total assets, including:
Cash $36,648,000
Trade Receivables 113,610,000
Inventories 123,112,000
Investments in and advances to subsidiaries 26,672,000
Intercompany receivables/payables, net (4,133,000)
Kaiser reported at least $4.67 billion in liabilities, including:
Accounts payable $56,712,000
Accrued interest 1,168,000
Accrued salaries, wages & related expenses 36,910,000
Accrued post retirement benefit - current -
Other accrued liabilities 60,585,000
Payable to affiliates 33,013,000
Long-term debt - current position 1,127,000
Long-term liabilities 17,516,000
Accrued post-retirement benefit obligation -
Long-term debt 1,212,000
Liabilities subject to compromise 4,461,520,000
Kaiser Aluminum Corporation -- All Debtors
Unaudited Statement of Operations
For the Month Ended June 30, 2006
(In Thousands)
Net Sales $114,362
Costs and expenses:
Cost of products sold 131,678
Depreciation & amortization 1,829
Selling, administrative, R&D and general 5,284
Other operating charges (benefits), net 5,655
-----------
Total costs and expenses 144,446
Operating income (loss) (30,084)
Other income (expense):
Interest expenses, net (3)
Reorganization items (2,789)
Other - net (56)
-----------
Income (loss) before income taxes and (32,932)
minority interest
(Provision) benefit for income taxes 3,826
Minority interests -
Equity in income (loss) of subsidiaries 31
-----------
Net income (loss) ($29,075)
===========
Kaiser Aluminum Corporation -- All Debtors
Schedule of Consolidated Cash Receipts and Disbursements
For the Month Ended June 30, 2006
(In Thousands)
Receipts:
Trade Receivables
KACC and certain other entities' receivables $89,305
KAII Receivables 51,954
-----------
Total Trade Receivables 141,259
Asbestos Insurance Recoveries -
COBRA Receipts 523
Proceeds from Hedging Settlements 2,569
-----------
Total Receipts 144,351
Disbursements:
Inventory/raw materials 87,695
Capital expenditures 4,522
Maintenance, materials, etc. 4,312
Freight 6,596
Utilities/energy 3,907
Hourly payroll 8,454
Salaried payroll 3,516
Hedging activities 319
Pension contributions 126
VEBA Advances 2,253
Medical - current employees 2,723
Annual insurance premiums -
Workers' compensation 656
Corporate general and administrative 5,261
JV Fundings-primary, net of reimbursements -
Other Disbursements 6,313
-----------
Total Operating and G&A Disbursements 136,653
Reorganization items 2,229
-----------
Total Disbursements 138,882
-----------
Net Cash Flow 5,469
Beginning Bank Cash Balances 33,989
-----------
Ending Bank Cash Balances 39,458
-----------
Reconciling Items (2,810)
-----------
Ending Book Cash Balances $36,648
===========
A copy of the document Kaiser delivered to the Clerk is available
at no charge at http://researcharchives.com/t/s?10fe
About Kaiser Aluminum
Headquartered in Foothill Ranch, California, Kaiser Aluminum
Corp. -- http://www.kaiseraluminum.com/-- is a leading producer
of fabricated aluminum products for aerospace and high-strength,
general engineering, automotive, and custom industrial
applications. The Company, along with its Jamaican subsidiaries
-- Alpart Jamaica Inc. and Kaiser Jamaica Corporation -- filed
for chapter 11 protection on Feb. 12, 2002 (Bankr. Del. Case No.
02-10429), and has sold off a number of its commodity businesses
during course of its cases. Corinne Ball, Esq., at Jones Day,
represents the Debtors in their restructuring efforts. Lazard
Freres & Co. serves as the Debtors' financial advisor. Lisa G.
Beckerman, Esq., H. Rey Stroube, III, Esq., and Henry J. Kaim,
Esq., at Akin, Gump, Strauss, Hauer & Feld, LLP, and William P.
Bowden, Esq., at Ashby & Geddes represent the Debtors' Official
Committee of Unsecured Creditors. The Debtors' Chapter 11 Plan
became effective on July 6, 2006. On June 30, 2004, the Debtors
listed US$1.619 billion in assets and US$3.396 billion in debts.
(Kaiser Bankruptcy News, Issue No. 104; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 609/392-0900)
MERIDIAN AUTOMOTIVE: Posts $10.5 Million Net Loss in June 2006
--------------------------------------------------------------
Meridian Automotive Systems - Composites
Operations, Inc. and Subsidiaries
Unaudited Consolidated Balance Sheet
As of June 30, 2006
(In Thousands)
CURRENT ASSETS:
Cash -
Accounts receivable, net $80,690
Intercompany receivable 15,218
Inventories 64,279
Tooling costs in excess of billings and others 31,650
----------
TOTAL CURRENT ASSETS 191,837
----------
Property, plant and equipment, net 219,088
Intangible assets 15,246
Investment in subsidiaries 23,863
Other assets 11,622
----------
TOTAL ASSETS $461,656
==========
CURRENT LIABILITIES NOT SUBJECT TO COMPROMISE:
Current portion of long term debt $326,975
Accounts payable 51,202
Accrued expenses 43,440
Tooling billings in excess of costs 6,012
----------
TOTAL CURRENT LIABILITIES 427,629
----------
Liabilities subject to compromise 487,725
Non-Current Liabilities Not Subject to Compromise:
Other long-term liabilities 8,975
Accumulated post-retirement benefit obligation 23,838
----------
TOTAL LIABILITIES 948,167
SHAREHOLDERS' EQUITY (486,511)
----------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $461,656
==========
Meridian Automotive Systems - Composite
Operations, Inc. and Subsidiaries
Unaudited Statement of Operations
June 1 to 30, 2006
(In Thousands)
Net sales $72,404
Cost of sales 66,616
----------
Gross profit 5,788
Selling, general and administrative expenses 2,612
Restructuring charges 2,792
----------
Operating income (loss) 384
Interest expense, net 8,463
Other (expense) income 25
Chapter 11 and related reorganization items 2,444
----------
Loss before provision for income taxes (10,498)
(Benefit) Provision for income taxes (5)
----------
NET LOSS ($10,493)
==========
Meridian Automotive Systems - Composite
Operations, Inc. and Subsidiaries
Unaudited Statement of Cash Flows
June 1 to 30, 2006
(In Thousands)
OPERATING ACTIVITIES:
Net loss ($10,493)
Adjustments required to reconcile net loss to net
cash provided by (used in) operating activities:
Depreciation, amortization, and impairment 4,564
Change in working capital and other operating
items 11,129
----------
Net cash provided by (used for) operating
activities before reorganization items 5,200
----------
Operating cash flows from reorganization items:
Chapter 11 and related reorganization items 2,444
Payments on Chapter 11 and related reorg items (2,269)
----------
Net cash provided by Chapter 11 and related
reorg items 175
Net cash provided by (used for) operating
activities 5,375
INVESTING ACTIVITIES:
Additions to property and equipment (1,998)
Proceeds from sale or property and equipment 23
----------
Net cash used for investing activities (1,975)
----------
FINANCING ACTIVITIES:
Proceeds from prepetition borrowings -
Repayments of prepetition borrowings -
Proceeds from DIP credit facility 32,600
Repayments of DIP credit facility (36,000)
Repayments on prepetition long-term debt -
Deferred financing costs capitalized -
----------
Net cash (used for) provided by financing activities (3,400)
----------
Net increase (decrease) in cash -
----------
Cash and Cash Equivalents, beginning of period -
Cash and Cash Equivalents, end of period -
==========
Headquartered in Dearborn, Mich., Meridian Automotive Systems,
Inc. -- http://www.meridianautosystems.com/-- supplies
technologically advanced front and rear end modules, lighting,
exterior composites, console modules, instrument panels and other
interior systems to automobile and truck manufacturers. Meridian
operates 22 plants in the United States, Canada and Mexico,
supplying Original Equipment Manufacturers and major Tier One
parts suppliers. The Company and its debtor-affiliates filed for
chapter 11 protection on April 26, 2005 (Bankr. D. Del. Case Nos.
05-11168 through 05-11176). James F. Conlan, Esq., Larry J.
Nyhan, Esq., Paul S. Caruso, Esq., and Bojan Guzina, Esq., at
Sidley Austin Brown & Wood LLP, and Robert S. Brady, Esq., Edmon
L. Morton, Esq., Edward J. Kosmowski, Esq., and Ian S. Fredericks,
Esq., at Young Conaway Stargatt & Taylor, LLP, represent the
Debtors in their restructuring efforts. Eric E. Sagerman, Esq.,
at Winston & Strawn LLP represents the Official Committee of
Unsecured Creditors. The Committee also hired Ian Connor
Bifferato, Esq., at Bifferato, Gentilotti, Biden & Balick, P.A.,
to prosecute an adversary proceeding against Meridian's First Lien
Lenders and Second Lien Lenders to invalidate their liens. When
the Debtors filed for protection from their creditors, they listed
$530 million in total assets and approximately $815 million in
total liabilities. (Meridian Bankruptcy News, Issue No. 37;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
OWENS CORNING: Files May 2006 Monthly Operating Report
------------------------------------------------------
Owens Corning
Balance Sheet
As of May 31, 2006
(In Thousands)
Current Assets:
Cash and cash equivalents $1,010,232
Receivables 476,816
Receivables - intercompany 1,065,692
Inventories, net of LIFO reserve 222,594
Insurance for asbestos litigation claims -
Deferred income taxes -
Income tax receivable 926
Other current assets 30,253
-----------
Total Current Assets 2,806,514
Other Assets:
Insurance for asbestos litigation claims 75,220
Restricted cash 198,768
Restricted cash and securities - Fibreboard -
Deferred income taxes 1,432,737
Goodwill 48,568
Investment in affiliates 32,359
Investment in subsidiaries 2,022,050
Notes receivable - intercompany 5,270
Other non-current assets 393,055
-----------
Total Other Assets 4,208,027
Plant & Equipment:
Land 34,252
Buildings & leasehold improvements 556,780
Machinery & equipment 2,196,562
Construction in progress 193,185
Less: Accumulated Depreciation 1,659,697
-----------
Net Plant & Equipment 1,321,082
-----------
TOTAL ASSETS $8,335,622
===========
Liabilities not Subject to Compromise:
Accounts payable & accrued liabilities $567,134
Accrued postpetition interest 800,996
Intercompany liabilities 1,234,544
Short-term debt -
Long-term debt - current portion 1,367
-----------
Total Current Liabilities 2,604,040
Long-Term Debt 9,191
Other:
Other employee benefits liability 241,155
Pension plan liability 577,163
Other liability 184,139
-----------
Total Non-Current Liabilities 1,002,457
-----------
Total Postpetition Liabilities 3,615,688
Prepetition Liabilities:
Accounts payable and accrued liabilities 270,247
Other employee benefits liability 175,175
Pension plan liability -
Debt - US bank credit facility 1,450,986
Debt - bonds & other 1,500,764
Asbestos-related liability 6,166,734
Intercompany 2,452,666
Other -
-----------
Total Prepetition Liabilities 12,016,572
-----------
Total Liabilities 15,632,260
Minority Interest -
Stockholder's Deficit:
Common stock 697,252
Deficit (7,651,574)
Accumulated Comprehensive Loss (5,112)
Other (337,203)
-----------
Net Stockholder's Deficit (7,296,637)
-----------
TOTAL LIABILITIES & STOCKHOLDER'S DEFICIT $8,335,622
===========
Owens Corning
Statement of Operations
For the Month Ended May 31, 2006
(In Thousands)
Net sales $391,552
Cost of Sales 325,081
-----------
Gross Margin 66,471
Operating Expenses:
Marketing & administrative expenses 32,863
Science & technology expenses 2,582
Provision for asbestos litigation claims -
Insider compensation 823
Restructure costs -
Other (2,821)
-----------
Income from Operations 33,023
Other Expenses:
Cost of borrowed funds 350
Other -
-----------
Income Before Reorganization Items 32,673
Reorganization Items:
Professional fees 8,001
U.S. Trustee quarterly fees -
Interest earned on accum. cash from chapter (3,043)
(Gain) Loss from sale of equipment -
(Gain) Loss from settlement of liabilities -
Other reorganization expenses 2,171
-----------
Total Reorganization Expenses 7,129
-----------
Income Before Income Taxes 25,545
Provision for Income Tax 23,403
-----------
Income Before Minority Interest and Equity
in Net Income of Affiliates 2,142
Minority interest -
Equity in net income of affiliates 220
-----------
Net Income (Loss) $2,362
===========
Owens Corning
Statement of Cash Receipts & Disbursements
For the Month Ended May 31, 2006
(In Thousands)
Cash, beginning of month $971,627
Receipts:
Customer receipts 342,742
Intercompany sales 39,072
Loans & advances -
Sale of assets -
Other receipts 6,914
Intercompany transfers 106,096
Transfers from DIP 183,439
-----------
Total Receipts $678,262
Disbursements:
Net payroll 32,176
Payroll taxes 145
Sales use & other taxes 7,391
Inventory purchases 144,398
Insurance 2,605
Administrative & selling 66,465
Other 115,016
Intercompany transfers 78,859
Transfers to DIP 183,439
Professional Fees 9,164
U.S. Trustee Quarterly Fees -
Court costs -
Adjustment -
-----------
Total Disbursements $639,657
Net Cash Flow 38,605
-----------
Cash, end of month $1,010,232
===========
Owens Corning (OTC: OWENQ.OB) -- http://www.owenscorning.com/--
manufactures fiberglass insulation, roofing materials, vinyl
windows and siding, patio doors, rain gutters and downspouts.
Headquartered in Toledo, Ohio, the Company filed for chapter 11
protection on Oct. 5, 2000 (Bankr. Del. Case. No. 00-03837).
Norman L. Pernick, Esq., at Saul Ewing LLP, represents the
Debtors. Elihu Inselbuch, Esq., at Caplin & Drysdale, Chartered,
represents the Official Committee of Asbestos Creditors. James J.
McMonagle serves as the Legal Representative for Future Claimants
and is represented by Edmund M. Emrich, Esq., at Kaye Scholer LLP.
(Owens Corning Bankruptcy News, Issue No. 139; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000)
PLIANT CORP: Files June 2006 Monthly Operating Report
-----------------------------------------------------
Pliant Corporation and Subsidiaries
Unaudited Balance Sheet
As of June 30, 2006
ASSETS
Current Assets:
Cash and cash equivalents $26,115,000
Receivables:
Trade accounts 124,935,000
Allowance for doubtful accounts (4,686,000)
Other 4,571,000
Inventories 99,866,000
Prepaid expenses and other 5,110,000
Income taxes receivable 1,404,000
Deferred income taxes 11,348,000
--------------
Total current assets 268,663,000
Plant and Equipment
Gross asset value 532,069,000
Less accumulated depreciation (263,772,000)
--------------
Plant and equipment -- net 268,297,000
Goodwill -- Net (of Prev Amort) 182,262,000
Intangible Assets, net 14,657,000
Investment in Subsidiaries (42,551,000)
Other Assets 25,593,000
--------------
Total Assets $716,921,000
==============
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Trade accounts payable $55,886,000
Accrued liabilities:
Customer rebates 6,503,000
Interest payable 24,683,000
Other 45,338,000
Current Portion of long-term debt 544,051,000
Due to affiliates (70,382,000)
Deferred income taxes -
Income taxes payable -
--------------
Total current liabilities 606,079,000
Long-Term Debt, net of current portion
Revolving Credit Facility -
DIP Credit Facility -
Sr. Subordinated Bonds, 13% -
Sr. Secured Notes, 11-1/8% 250,000,000
Sr. Secured Notes Discount Notes, 11-1/8% 7,423,000
Sr. Secured Notes, 11-5/8% 285,436,000
Other 4,715,000
Reclassification (544,051,000)
--------------
Total long-term debt,
net of current portion 3,523,000
Loans from Affiliates -
Other Liabilities 31,808,000
Deferred Income Taxes 28,420,000
Shares Subject to Mandatory Redemption -
Liabilities Subject to Compromise 771,218,000
--------------
Total Liabilities 1,441,048,000
--------------
Commitments and Contingencies:
Restricted Common Stock,
net of shareholder loans 6,645,000
Redeemable Series B Preferred Stock 102,000
Stockholders' Equity
Common stock 104,983,000
Additional Paid-in capital 19,305,000
Warrants 39,133,000
Retained earnings (877,488,000)
Stockholders' notes receivable (660,000)
Other Comprehensive Income (16,147,000)
--------------
Total Stockholders' Equity (730,874,000)
--------------
Total Liabilities and Stockholders' Equity $716,921,000
==============
Pliant Corporation and Subsidiaries
Unaudited Consolidated Statement of Operations
For the month ended June 30, 2006
Net Sales $558,482,000
Cost of Sales 491,827,000
--------------
Gross Profit 66,655,000
Operating Expenses:
Sales, General and Administrative 32,774,000
Research and Development 4,578,000
Restructuring and Other Costs 63,851,000
--------------
Total operating expenses 101,203,000
--------------
Operating Income (34,548,000)
Interest (Expense) 37,616,000
Other Income (Expense) -- Net (1,011,000)
Equity in Earnings of Subs 2,835,000
--------------
Income Before Income Taxes (73,988,000)
--------------
Income Tax Expense (Benefit) 684,000
--------------
Net Income Before Discontinued Operations (74,672,000)
Discontinued Operations -
--------------
Net Income ($74,672,000)
==============
Pliant Corporation and Subsidiaries
Schedule of Cash Receipts and Disbursements
For the month ended June 30, 2006
Receipts
Total receipts $558,482,000
--------------
Disbursements
Payroll 62,551,000
Payroll benefits and taxes 11,038,000
Raw material 343,988,000
Freight 19,802,000
Packaging 17,650,000
Utilities 12,374,000
Other direct costs 7,617,000
Administration and Selling 18,386,000
Other fixed costs 18,210,000
--------------
Total disbursements 511,616,000
--------------
Cash from operating activities 46,866,000
Working capital changes
Working capital and other requirements (845,000)
Capital expenditures and interest
Capital expenditures (17,941,000)
Repayment of capital leases (653,000)
Cash interest 31,000
Income Taxes 55,000
Professional fees (8,255,000)
U.S. Trustee Fees (42,000)
Court costs -
--------------
Net cash flow 19,216,000
--------------
Cash Beginning of Year 6,910,000
Net cash flow 19,216,000
Intercompany transfer (10,000)
--------------
Cash End of Month $26,116,000
==============
Headquartered in Schaumburg, Illinois, Pliant Corporation --
http://www.pliantcorp.com/-- produces value-added film and
flexible packaging products for personal care, medical, food,
industrial and agricultural markets. The Debtor and 10 of its
affiliates filed for chapter 11 protection on Jan. 3, 2006
(Bankr. D. Del. Lead Case No. 06-10001). James F. Conlan, Esq.,
at Sidley Austin LLP, and Edmon L. Morton, Esq., and Robert S.
Brady, Esq., at Young, Conaway, Stargatt & Taylor, represent the
Debtors in their restructuring efforts. The Debtors tapped
McMillan Binch Mendelsohn LLP, as their Canadian bankruptcy
counsel. The Ontario Superior Court of Justice named RSM
Richter, Inc., as the Debtors' information officer in their
restructuring proceeding under Companies Creditors Arrangement Act
in Canada. Kenneth A. Rosen, Esq., at Lowenstein Sandler, P.C.,
serves as counsel to the Official Committee of Unsecured
Creditors. Don A. Beskrone, Esq., at Ashby & Geddes, P.A., is
local counsel to the Creditors' Committee. As of Sept. 30, 2005,
the company had $604,275,000 in total assets and $1,197,438,000 in
total debts. The Debtors emerged from chapter 11 protection on
July 19, 2006 (Pliant Bankruptcy News, Issue No. 22; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000)
WERNER LADDER: Files July 2006 Monthly Operating Report
-------------------------------------------------------
Werner Co.
Balance Sheet
As of July 31, 2006
ASSETS
Current Assets:
Cash and cash equivalents $27,943,000
Receivables, net 70,646,000
Income taxes receivable 2,177,000
Inventories, net 65,317,000
Prepaid insurance and other 7,046,000
------------
Total current assets 173,129,000
Property, plant & equipment, net 76,494,000
Other assets:
Deferred financing fees, net 85,000
Investment in subsidiaries and 10,435,000
other noncurrent assets 8,197,000
------------
Total other assets 18,717,000
------------
TOTAL ASSETS $268,340,000
============
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable $10,912,000
Accrued liabilities 23,433,000
Intercompany payable (receivables) 81,304,000
First lien revolving credit facility -
Current maturities of long-term debt 1,916,000
------------
Total current liabilities 117,565,000
Long-Term Liabilities:
Long-term debt 14,969,000
Reserve for product liability and
workers' compensation claims 17,197,000
Other long-term obligations 2,116,000
Liabilities subject to compromise 333,978,000
------------
Total Liabilities 368,260,000
Convertible preferred stock -
Shareholders' deficit:
Common stock -
Additional paid-in-capital 13,901,000
Retained earnings (deficit) (217,758,000)
Accumulated other comprehensive income (loss) (13,628,000)
N/R arising from stock loan plan -
------------
Total Shareholders Deficit (217,485,000)
------------
TOTAL LIABILITIES & SHAREHOLDERS' DEFICIT $268,340,000
============
Werner Co.
Statement of Operations
July 1 to 31, 2006
Net sales $29,054,000
Total cost of sales 23,447,000
------------
Gross profit 5,607,000
Total operating expenses 11,488,000
------------
Operating income (loss) (5,881,000)
Equity in net income (loss) of subsidiaries 2,080,000
Other income (expense), net (1,567,000)
------------
Income (loss) before interest and taxes (5,368,000)
Inter-company interest expense -
Interest expense 107,000
Income (loss) before income taxes (5,475,000)
Provision (benefit) for income taxes 1,986,000
------------
Net Income (Loss) ($7,461,000)
============
Werner Co.
Statement of Cash Flows
July 1 to 31, 2006
Cash flows provided (used) by
operating activities ($216,000)
Cash Flows From Investing Activities:
Capital expenditures, net (390,000)
Proceeds from sale of property 21,000
------------
Net cash used in investing activities (369,000)
Cash Flows From Financing Activities:
Repayments of long-term debt (5,000,000)
Capital lease payments (169,000)
Net borrowings under first lien revolving
credit facility 5,024,000
Debt issuance costs (925,000)
------------
Net cash provided (used) by financing activities (1,070,000)
Net increase (decrease) in cash and equivalents (1,655,000)
Cash and equivalents at July 1, 2006 29,598,000
------------
Cash and equivalents at July 31, 2006 $27,943,000
============
Headquartered in Greenville, Pennsylvania, Werner Co. --
http://www.wernerladder.com/-- manufactures and distributes
ladders, climbing equipment and ladder accessories. The company
and three of its affiliates filed for chapter 11 protection on
June 12, 2006 (Bankr. D. Del. Case No. 06-10578). The firm of
Willkie Farr & Gallagher LLP serves as the Debtors' counsel. Kara
Hammond Coyle, Esq., Matthew Barry Lunn, Esq., and Robert S.
Brady, Esq., Young, Conaway, Stargatt & Taylor, LLP, represents
the Debtors as its co-counsel. The Debtors have retained
Rothschild Inc. as their financial advisor. At March 31, 2006,
the Debtors reported total assets of $201,042,000 and total debts
of $473,447,000. (Werner Ladder Bankruptcy News, Issue No. 8;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)
WERNER LADDER: Delaware Posts $11.4 Million Net Loss in July 2006
-----------------------------------------------------------------
Werner Holding Co. (DE), Inc.
Balance Sheet
As of July 31, 2006
ASSETS
Current Assets:
Cash and cash equivalents $2,000
Receivables, net -
Income taxes receivable (payable) (799,000)
Inventories, net -
Prepaid insurance and other 377,000
------------
Total current assets (420,000)
Property, Plant & Equipment, Net
Other assets:
Deferred financing fees, net -
Investment in subsidiaries 11,140,000
Other noncurrent assets (217,485,000)
------------
Total other assets (206,345,000)
------------
TOTAL ASSETS ($206,765,000)
============
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable -
Accrued liabilities $502,000
Intercompany payable (receivables) (309,663,000)
First lien revolving credit facility 27,024,000
Current maturities of long-term debt 180,043,000
------------
Total current liabilities (102,094,000)
Long-Term Liabilities:
Long-term debt 75,000,000
Reserve for product liability and
workers' compensation claims -
Other long-term obligations -
Liabilities subject to compromise 148,892,000
------------
Total Liabilities 223,892,000
Convertible preferred stock -
Shareholders' Deficit:
Common stock -
Additional paid-in-capital 2,650,000
Retained earnings (deficit) (331,213,000)
Accumulated other comprehensive income (loss) -
N/R arising from stock loan plan -
------------
Total Shareholders Deficit (328,563,000)
------------
TOTAL LIABILITIES & SHAREHOLDERS' DEFICIT ($206,765,000)
============
Werner Holding Co. (DE), Inc.
Statement of Operations
July 1 to 31, 2006
Net sales $0
Total cost of sales -
------------
Gross profit -
Total operating expenses 3,000
------------
Operating income (loss) (3,000)
Equity in net income (loss) of subsidiaries (7,461,000)
Other income (expense), net (136,000)
------------
Income (loss) before interest and taxes (7,600,000)
Inter-company interest expense -
Interest expense 3,459,000
Income (loss) before income taxes (11,059,000)
Provision (benefit) for income taxes 366,000
------------
Net Income (Loss) ($11,425,000)
============
Werner Holding Co. (DE), Inc.
Statement of Cash Flows
July 1 to 31, 2006
Cash flows provided (used) by
operating activities ($1,000)
Cash Flows From Investing Activities:
Capital expenditures, net -
Proceeds from sale of property -
------------
Net cash used in investing activities -
Cash Flows From Financing Activities:
Repayments of long-term debt -
Capital lease payments -
Net borrowings under first lien revolving
credit facility -
Debt issuance costs -
------------
Net cash provided (used) by financing activities -
Net increase (decrease) in cash and equivalents (1,000)
Cash and equivalents at July 1, 2006 3,000
------------
Cash and equivalents at July 31, 2006 $2,000
============
Headquartered in Greenville, Pennsylvania, Werner Co. --
http://www.wernerladder.com/-- manufactures and distributes
ladders, climbing equipment and ladder accessories. The company
and three of its affiliates filed for chapter 11 protection on
June 12, 2006 (Bankr. D. Del. Case No. 06-10578). The firm of
Willkie Farr & Gallagher LLP serves as the Debtors' counsel. Kara
Hammond Coyle, Esq., Matthew Barry Lunn, Esq., and Robert S.
Brady, Esq., Young, Conaway, Stargatt & Taylor, LLP, represents
the Debtors as its co-counsel. The Debtors have retained
Rothschild Inc. as their financial advisor. At March 31, 2006,
the Debtors reported total assets of $201,042,000 and total debts
of $473,447,000. (Werner Ladder Bankruptcy News, Issue No. 8;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)
WERNER LADDER: Penn. Files July 2006 Monthly Operating Report
-------------------------------------------------------------
Werner Holding Co. (PA), Inc.
Balance Sheet
As of July 31, 2006
ASSETS
Current Assets:
Cash and cash equivalents -
Receivables, net -
Income taxes receivable (payable) $549,000
Inventories, net -
Prepaid insurance and other 38,000
------------
Total current assets 587,000
Property, Plant & Equipment, Net
Other assets:
Deferred financing fees, net -
Investment in subsidiaries ($328,563,000)
Other noncurrent assets -
------------
Total other assets (328,563,000)
-----------
TOTAL ASSETS ($327,976,000)
============
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable -
Accrued liabilities -
Intercompany payable (receivables) ($20,268,000)
First lien revolving credit facility -
Current maturities of long-term debt -
------------
Total current liabilities (20,268,000)
Long-Term Liabilities:
Long-term debt -
Reserve for product liability and
workers' compensation claims -
Other long-term obligations -
Liabilities subject to compromise 690,000
------------
Total Liabilities 690,000
Convertible preferred stock 98,802,000
Shareholders' Deficit:
Common stock 1,000
Additional paid-in-capital 18,807,000
Retained earnings (deficit) (425,802,000)
Accumulated other comprehensive income (loss) -
N/R arising from stock loan plan (206,000)
------------
Total Shareholders Deficit (407,200,000)
------------
TOTAL LIABILITIES & SHAREHOLDERS' DEFICIT ($327,976,000)
============
Werner Holding Co. (PA), Inc.
Statement of Operations
July 1 to 31, 2006
Net sales $0
Total cost of sales -
------------
Gross profit -
Total operating expenses -
Operating income (loss) -
Equity in net income (loss) of subsidiaries (11,425,000)
Other income (expense), net -
------------
Income (loss) before interest and taxes (11,425,000)
Inter-company interest expense -
Interest expense -
Income (loss) before income taxes (11,425,000)
Provision (benefit) for income taxes (21,000)
------------
Net Income (Loss) ($11,404,000)
============
Werner Holding Co. (PA), Inc.
Statement of Cash Flows
July 1 to 31, 2006
Cash flows provided (used) by
operating activities $0
Cash Flows From Investing Activities:
Capital expenditures, net -
Proceeds from sale of property -
------------
Net cash used in investing activities -
Cash Flows From Financing Activities:
Repayments of long-term debt -
Capital lease payments -
Net borrowings under first lien revolving
credit facility -
Debt issuance costs -
------------
Net cash provided (used) by financing activities -
Net increase (decrease) in cash and equivalents -
Cash and equivalents at July 1, 2006 -
------------
Cash and equivalents at July 31, 2006 $0
============
Headquartered in Greenville, Pennsylvania, Werner Co. --
http://www.wernerladder.com/-- manufactures and distributes
ladders, climbing equipment and ladder accessories. The company
and three of its affiliates filed for chapter 11 protection on
June 12, 2006 (Bankr. D. Del. Case No. 06-10578). The firm of
Willkie Farr & Gallagher LLP serves as the Debtors' counsel. Kara
Hammond Coyle, Esq., Matthew Barry Lunn, Esq., and Robert S.
Brady, Esq., Young, Conaway, Stargatt & Taylor, LLP, represents
the Debtors as its co-counsel. The Debtors have retained
Rothschild Inc. as their financial advisor. At March 31, 2006,
the Debtors reported total assets of $201,042,000 and total debts
of $473,447,000. (Werner Ladder Bankruptcy News, Issue No. 8;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)
WERNER LADDER: WIP Tech. Files July 2006 Monthly Operating Report
-----------------------------------------------------------------
WIP Technologies, Inc.
Balance Sheet
As of July 31, 2006
ASSETS
Current Assets:
Cash and cash equivalents -
Receivables, net -
Income taxes receivable (payable) ($1,142,000)
Invetories, net -
Prepaid insurance and other -
------------
Total current assets (1,142,000)
Property, Plant & Equipment, Net
Other assets:
Deferred financing fees, net -
Investment in subsidiaries -
Other noncurrent assets -
------------
Total other assets -
TOTAL ASSETS ($1,142,000)
============
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable -
Accrued liabilities -
Intercompany payable (receivables) ($10,900,000)
First lien revolving credit facility -
Current maturities of long-term debt -
------------
Total current liabilities (10,900,000)
Long-Term Liabilities:
Long-term debt -
Reserve for product liability and
workers' compensation claims -
Other long-term obligations -
Liabilities subject to compromise -
------------
Total Liabilities -
Convertible preferred stock -
Shareholders' Deficit:
Common stock -
Additional paid-in-capital 1,000
Retained earnings (deficit) 9,757,000
Accumulated other comprehensive income (loss) -
N/R arising from stock loan plan -
------------
Total Shareholders Deficit 9,758,000
------------
TOTAL LIABILITIES & SHAREHOLDERS' DEFICIT ($1,142,000)
============
WIP Technologies, Inc.
Statement of Operations
July 1 to 31, 2006
Net sales $1,743
Total cost of sales -
------------
Gross profit 1,743
Total operating expenses 3,000
Operating income (loss) 1,740,000
Equity in net income (loss) of subsidiaries -
Other income (expense), net -
------------
Income (loss) before interest and taxes 1,740,000
Inter-company interest expense -
Interest expense -
Income (loss) before income taxes 1,740,000
Provision (benefit) for income taxes (340,000)
------------
Net Income (Loss) $2,080,000
============
WIP Technologies, Inc.
Statement of Cash Flows
July 1 to 31, 2006
Cash flows provided (used) by
operating activities ($4,000)
Cash Flows From Investing Activities:
Capital expenditures, net -
Proceeds from sale of property -
------------
Net cash used in investing activities -
Cash Flows From Financing Activities:
Repayments of long-term debt -
Capital lease payments -
Net borrowings under first lien revolving
credit facility -
Debt issuance costs -
------------
Net cash provided (used) by financing activities -
Net increase (decrease) in cash and equivalents (4,000)
Cash and equivalents at July 1, 2006 4,000
------------
Cash and equivalents at July 31, 2006 $0
============
Headquartered in Greenville, Pennsylvania, Werner Co. --
http://www.wernerladder.com/-- manufactures and distributes
ladders, climbing equipment and ladder accessories. The company
and three of its affiliates filed for chapter 11 protection on
June 12, 2006 (Bankr. D. Del. Case No. 06-10578). The firm of
Willkie Farr & Gallagher LLP serves as the Debtors' counsel. Kara
Hammond Coyle, Esq., Matthew Barry Lunn, Esq., and Robert S.
Brady, Esq., Young, Conaway, Stargatt & Taylor, LLP, represents
the Debtors as its co-counsel. The Debtors have retained
Rothschild Inc. as their financial advisor. At March 31, 2006,
the Debtors reported total assets of $201,042,000 and total debts
of $473,447,000. (Werner Ladder Bankruptcy News, Issue No. 8;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)
*********
Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par. Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable. Those sources may not,
however, be complete or accurate. The Monday Bond Pricing table
is compiled on the Friday prior to publication. Prices reported
are not intended to reflect actual trades. Prices for actual
trades are probably different. Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind. It is likely that some entity
affiliated with a TCR editor holds some position in the issuers'
public debt and equity securities about which we report.
Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than $3 per
share in public markets. At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled. Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
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related conferences are encouraged. Send announcements to
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On Thursdays, the TCR delivers a list of recently filed chapter 11
cases involving less than $1,000,000 in assets and liabilities
delivered to nation's bankruptcy courts. The list includes links
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Each Friday's edition of the TCR includes a review about a book of
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Monthly Operating Reports are summarized in every Saturday edition
of the TCR.
For copies of court documents filed in the District of Delaware,
please contact Vito at Parcels, Inc., at 302-658-9911. For
bankruptcy documents filed in cases pending outside the District
of Delaware, contact Ken Troubh at Nationwide Research &
Consulting at 207/791-2852.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter is a daily newsletter co-published by
Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania,
USA, and Beard Group, Inc., Frederick, Maryland, USA. Marie
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Cherry A. Soriano-Baaclo, Christian Q. Salta, Jason A. Nieva,
Lucilo M. Pinili, Jr., Tara Marie A. Martin and Peter A. Chapman,
Editors.
Copyright 2006. All rights reserved. ISSN: 1520-9474.
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*** End of Transmission ***